topic Re: What should I be looking for? in Credit Card Applications

What should I be looking for?

Anonymous — Fri, 21 Jun 2019 00:17:04 GMT

670 Experian 722 Equifax 666 Transunion

I currently have an auto loan at 11.46 percent that has initially grown my credit from the high 500's (in all three catagories) to about 600-640 (respectively), I got a capital one Quicksilver one (that I am not fond of the annual fee) about 6 months ago, that has brought my credit to this after a credit increase from 300 - 500.

Sadly the age of my credit is relatively young due (1 year 10 months) to me really always thinking I had terrible credit therefore never actually tried to raise it...but now I am looking to ultimately buy a house in a few years. I want to get the best possible loan for it.

A few days ago I applied and was instant approved for a Discover it cashback card with a credit limit of 1750 which hasn't shown up other than the credit inquiry.

And I applied for a Amazon Cashback Rewards Visa, I got a "we need further review" and they hit my Experian credit report. I'm going to guess I'm not going to get the card. Just from reading the reviews.

Are there any other cards out there that I should be looking at? Or is it too soon for me to be looking past what I already have?

Re: What should I be looking for?

Anonymous — Fri, 21 Jun 2019 00:22:25 GMT

Congrats on the recovery.

I would be looking to refi the auto from 11% down to probably 3-4% instead of CC hunting. Then go back to looking at the pretty shiny plastic.

Re: What should I be looking for?

Jnbmom — Fri, 21 Jun 2019 00:25:04 GMT

@Anonymous wrote:
Congrats on the recovery.

I would be looking to refi the auto from 11% down to probably 3-4% instead of CC hunting. Then go back to looking at the pretty shiny plastic.

I agree if those are you actual FICO you need you try and refinance that rate and then worry about another credit card.

Re: What should I be looking for?

Anonymous — Fri, 21 Jun 2019 01:05:35 GMT

Thank you!

Good idea and yes those are my FICO scores from Experian's premium thing.

Re: What should I be looking for?

Anonymous — Fri, 21 Jun 2019 01:17:21 GMT

FICO's are good! That's what the lender uses to decide. 6 mo's of payments on the auto is normally all you need for a refi. The refi doesn't hurt and can save you thousands in interest. While you won't probably see a ultra low APR you should be able to shave a few points off the top. Give it another 6 months after a refi and look into again until you get to where you're comofortable with the APR.

Re: What should I be looking for?

Petit3tee — Fri, 21 Jun 2019 02:07:49 GMT

@Anonymous wrote:
Congrats on the recovery.

I would be looking to refi the auto from 11% down to probably 3-4% instead of CC hunting. Then go back to looking at the pretty shiny plastic.

Congrats on the approval but I'd work on making on-time payments on the QS1 and the new Discover card, make purchases and keeping the UT low. This should help raising your score enough for you to refi for a better rate. Check credit unions, they tend to have great refi deals. Best of luck!

Re: What should I be looking for?

pinkandgrey — Fri, 21 Jun 2019 15:16:23 GMT

Keep using the Disco and the QS1 responsibly and definitely do go for that refinance. I wouldn’t worry too much about other cards for awhile. The Discover is great and it will help you a lot. As for the QS1, you could always see if you could PC it to something without an AF.

Re: What should I be looking for?

Anonymous — Sun, 23 Jun 2019 02:22:34 GMT

Please take a look at navy federal credit cards! On their website it states which cards are for average credit and excellent credit , they are a credit union so very lenient ! Check my post on my page. I have very similar to the credit profile you have . !

Re: What should I be looking for?

SouthJamaica — Sun, 23 Jun 2019 11:48:06 GMT

@Anonymous wrote:
670 Experian 722 Equifax 666 Transunion

I currently have an auto loan at 11.46 percent that has initially grown my credit from the high 500's (in all three catagories) to about 600-640 (respectively), I got a capital one Quicksilver one (that I am not fond of the annual fee) about 6 months ago, that has brought my credit to this after a credit increase from 300 - 500.

Sadly the age of my credit is relatively young due (1 year 10 months) to me really always thinking I had terrible credit therefore never actually tried to raise it...but now I am looking to ultimately buy a house in a few years. I want to get the best possible loan for it.

A few days ago I applied and was instant approved for a Discover it cashback card with a credit limit of 1750 which hasn't shown up other than the credit inquiry.

And I applied for a Amazon Cashback Rewards Visa, I got a "we need further review" and they hit my Experian credit report. I'm going to guess I'm not going to get the card. Just from reading the reviews.

Are there any other cards out there that I should be looking at? Or is it too soon for me to be looking past what I already have?

It's too soon. You should be chilling out for awhile and building your new track record.

I agree with @Petit3tee that you would do well to join a credit union. They are always pushing auto loans, have low rates, and will probably be glad to refinance the car loan.